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    Tuesday, May 19
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    Naira Steady after CBN Intervention, FX Reserves Hit $38.765bn

    Julius AlagbeBy Updated:No Comments2 Mins Read
    Naira Steady after CBN Intervention, FX Reserves Hit $38.765bn
    naira

    Naira Steady after CBN Intervention, FX Reserves Hit $38.765bn

    The naira steadied at N1534 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday following the latest FX interventions of $81 million by the Central Bank. 

    According to the Apex Bank FX update on Monday, the local currency settled at N1534.20 per dollar at the official window, from N1534.71 at the close of the trading session on Friday.

    The naira spot rate touched intraday high of N1535.50 per dollar, and some deals were consummated at the intraday low of N1532… Eventually, the official spot rate closed at N1535, reflecting possible demand pressures in the market.

    The currency market had experienced a moderate decline in the value of the Nigerian naira versus the US dollar last week due to soft FX pressures before the authority stepped in. The CBN sold $81 million to banks and other authorized dealers to reflate the US dollar volume available for supply to companies and other eligible FX users.

    The CBN FX intervention action stemmed the negative tide at the official window amidst a slowdown in FX inflows. Total FX inflows were reported to reduce by more than 25% week on week, settling at $979 billion from $1.31 billion registered the previous week.

    Meanwhile, Nigeria’s gross external reserves sustained an uptrend and reached $38.765 billion, according to CBN updated data. Yield on Nigerian Treasury Bills Falls as CBN Cuts Rates

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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